GUD declares Dexion offer unconditional

GUD Holdings
has declared its bid for storage and racking company
Dexion
unconditional, ahead of the scheduled close of the offer on August 20.

GUD said on Thursday it had secured acceptances for more than 75 per cent of Dexion shares, after its $83.4 million offer was recommended by the target’s board. If the company garners interests in 90 per cent or more in Dexion it will proceed with compulsory acquisition of the remaining shares.

To sweeten the terms of offer GUD is also accelerating its cash payment to Dexion shareholders that accept its bid, delivering the consideration to investors within five business days.

GUD managing director
Ian Campbell
said last week growing earnings in the years ahead will come from new acquisitions.